Third Payment Services Directive
PSD3 (Payment Services Directive 3) is the EU's proposed new payment services framework that updates PSD2 and, together with the Payment Services Regulation (PSR), aims to strengthen API quality, fraud prevention and data-access rights.
Proposed by the European Commission in 2023, the PSD3 and PSR package aims to improve the performance and reliability of open banking APIs, strengthen consumer protection and fraud prevention, and make data access more predictable. It is progressing through the EU legislative process to replace PSD2; the industry will adapt as the final text and timeline are confirmed.
PSD3/PSR are still in the legislative process; the final effective date is not yet confirmed. Türkiye's TCMB framework is independent but trends toward similar principles.
PSD3 targets PSD2's shortcomings: higher-quality, more reliable APIs, stronger fraud measures and clearer data-access rights. Some rules also come via a directly applicable Regulation (PSR).
No. PSD3/PSR are still in the EU legislative process and not yet in force; the framework in effect today is still PSD2.
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